We, the Requisitioning Shareholders, asked that Dr Stephen Grimmer independently review the economic potential of the Lahtojoki Project and that he specifically do this based solely on his prior knowledge (pre 2015) of the project, his general industry experience, and based on information that is already in the public domain  and without recourse to any proprietary or confidential information he may have previously viewed or had access to as an employee of the company.

We understand that he has fully referenced all information sources used in the preparation of his report, and has sought the necessary permissions to cite external reports where required. He has agreed to our releasing his report into the public domain, but he provides no guarantees or warranties, and assumes no responsibility for inaccuracies or omissions in the document arising from inadequate information.


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We wish to thank Mr Grimmer for the substantial time and effort required to put this report together. It is considerably more detailed and informative than any information published by Karelian Diamond Resources Ltd.

It is information that all shareholders should be availed of in order that they have the opportunity to understand the risk, costs and more importantly the potential rewards of success.

It begs the question Why have Karelian Diamonds not done so before?

Our view would simply be this...

Project progression requires specific skills and experience as well as commitment to working full time in Finland.  It also requires that cash be raised to get the project to the level of Bankable Feasibility study.

  • We strongly contend that Karelian Diamonds do not have these capabilities.
  • Most importantly they are out of cash with no new money on the horizon of the amount required to move the project on.
  • The market cap of the company is so low that they will never be able to realise the value of this asset.
  • The proposed new team have commitment from Mr Grimmer to develop this project for equity and local living expenses in Finland.   What a difference to the current incumbents!
  • The proposed new team have market support and have already had positive commitments from Institutional Investors to raise required finance

Vote for the resolutions at the next EGM and let’s get this company moving again


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